China Third Plenum Pledges More "Decisive Role" For Markets

11/13/2013 1:33 AM ET

China's Communist Party agreed to offer bigger role for markets in the world's second largest economy as part of the sweeping reforms outlined by party leadership during the Third Plenum meeting that concluded in Beijing on Tuesday.

The meeting agreed to deepen the country's economic reforms to ensure that markets play a "decisive role" in allocating resources, according to a communique issued after the four-day gathering of the 18th Communist Party of China (CPC) Central Committee.

China needs to build an open and unified market with orderly competition before letting the market decide the allocation of resources, the CPC said in the statement.

It also promised to clear barriers in the market and improve the efficiency and fairness in the allocation of resources. The authorities will also create fair and transparent market rules as well as improve the pricing mechanism, according to the statement.